EUR/USD Technical Analysis: Bounce Sees Resistance Above 1.34

By DailyFx | August 04, 2014 AAA

DailyFX.com -

To receive Ilya's analysis directly via email, please SIGN UP HERE

Talking Points:

  • EUR/USD Technical Strategy: Short at 1.3644
  • Support: 1.3415, 1.3366, 1.3294
  • Resistance:1.3445, 1.3493, 1.3533

The Euro fell as expected against the US Dollar after prices put in a bearish Evening Star candlestick pattern. A corrective bounce sees prices eyeing resistance at 1.3445, the 23.6% Fibonacci retracement. A break above that on a daily closing basis exposes 1.3493, the intersection of the 38.2% level and a falling channel top. Alternatively, a reversal below the 14.6% Fib at 1.3415 clears the way for another test of the November 8 2013 close at 1.3366.

We sold EURUSD at 1.3644 in line with our long-term fundamental outlook and have since booked profit on half of the position. The stop-loss on our remaining exposure has been moved to the breakeven level.

Add these technical levels directly to your charts with our Support/Resistance Wizard app!

EUR/USD Technical Analysis: Bounce Sees Resistance Above 1.34

Daily Chart - Created Using FXCM Marketscope 2.0

comments powered by Disqus
Related Forex Analysis
  1. GBP/USD upside remains corrective – Commerzbank
    Forex News

    GBP/USD upside remains corrective – Commerzbank

  2. USD/CHF shows recovery attempts, as it bottomed at 0.9340
    Forex News

    USD/CHF shows recovery attempts, as it bottomed at 0.9340

  3. EUR/USD Daily Outlook - September 19
    Investing

    EUR/USD Daily Outlook - September 19

  4. SEB:  More EUR/USD buying seen above 1.2943 - eFXnews
    Forex News

    SEB: More EUR/USD buying seen above 1.2943 - eFXnews

  5. USD/CAD at Risk for Larger Downside Correction on Sticky Canada CPI
    Forex News

    USD/CAD at Risk for Larger Downside Correction on Sticky Canada CPI

Trading Center